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Bitcoin Price Stable at $30k; Analyst Predicts What’s Next

Bitcoin has regained its momentum with stability at the $30,000 price level. Top Analyst foresees a forward rally if current support holds
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Bitcoin Price Stable at $30k; Analyst Predicts What’s Next

The ongoing recovery in the digital currency ecosystem can be attributed to the remarkable 19.04% jump in the price of Bitcoin (BTC) over the past week. The bullish momentum has signaled hope for many investors, especially traders who joined just below the implosion of FTX Derivatives Exchange. 

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Analyst’s Take on Bitcoin Price

Bitcoin remains the largest cryptocurrency by market capitalization and it is also known as one of the tokens with the most unpredictable volatility. Drawing on the current price action of Bitcoin, renowned market analyst, known on Twitter as CrediBULL Crypto reassured his more than 341,000 followers that the price of the premier digital currency is now stable around the $29,000 to $30,000 price range.

For the first time since April, Bitcoin price reclaimed the $30,000 resistance level and has been able to flip it as support for more than 24 hours. With Bitcoin springing up from the $25,000 price range, CrediBULL Crypto predicted that the support at $30,000 will have to be adequately protected and if done, it can mark the “start of our accelerated move to new all time highs.”

Bitcoin has shown enough resilience since its inception, a unique feature that has remained a fundamental part of the digital currency’s price resurgence. The latest bouts of crackdowns from the US Securities and Exchange Commission (SEC) on top trading platforms and cryptocurrencies have not completely dampened the hearts and resolve of investors across the board.

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Key Factors that Can Drive Growth

The digital currency and broader investment world got intrigued with a number of fundamental news surrounding Bitcoin. First, stablecoin issuer Tether Holdings Limited unveiled its plans to invest in Bitcoin mining while also investing in the cryptocurrency as a means to cushion its reserve. 

The possibility of the first spot Bitcoin ETF application being approved by the SEC has also significantly kept hopes alive that Bitcoin may finally be on its way to retesting new highs it has not seen in months. Another key factor boosting sentiment is the forthcoming Bitcoin Halving event, which appears as though investors are already frontrunning according to a thought-provoking question possessed by PlanB.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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